Ask yourself these questions before you get started

Taking your product from concept to market is no easy feat. The process is not always linear and can involve a great deal of development, prototyping and test cycles before you reach both a feasible and practical market ready solution.

So, how do you know if your idea is a good one or not? And how can you guarantee the best chances of commercial success?

Our team have curated a helpful list of questions which should help to get you started. We want to give you right tools before you get stuck in to the product development process!

So, what do you need to know…

1. Run a quick google search…

It’s always a really good idea to see whether something you have thought of already exists. This is a very simple, fast and easy process which can help you to identify whether you have arrived at a novel and bespoke solution or whether your idea is already out there.

2. How do you know if your idea is a good one?

Well this is a tricky question and it can depend on the type of product and the people you’re aiming this product towards. However, in most cases there are a few good ways to find out.

Have you got any market insights, have you taken into account any observations which ensure this could be something that somebody wants. Is this something which you have designed for yourself? If this is the case the problem that you have identified may only be familiar to you and you only. It is very easy to convince yourself that everybody experiences the same problems as you.

Try to avoid asking close friends and family, you need honest and unbiased feedback at this stage, asking those closest to you is likely to give you a false impression.

Is this solution something which people actually want or is it in fact what you think they would want but would not in fact use.

“If I had of asked people what they wanted they would have said faster horses” Henry Ford

Some people may not know what they want until you show it to them and yes, this can be the case in certain scenarios, but the key to a successful product idea are some solid and strong observations which give reason to the products existence.

3. Have you got a clear marketing message?

If you are struggling to answer the question above you may be finding it hard to justify the products existence. If you can’t describe the benefits of your product in a short and simple sentence it may be worthwhile looking at the product again and studying the products use case.  After all you may have the best product idea in the world but if you market the product in the wrong way or the message you are trying to portray is unclear you’re not going to reach your target market and the product will not sell in the way that you intended.

4. Do you understand the marketing and technical feasibility of your product?

It may be too early to tell at this stage but having a really good understanding of how your product is going to be made and some of the technical challenges surrounding the products manufacture and assembly will go a long way in helping you to assess whether the product is viable or not.

 As a separate exercise it can sometimes be a good idea to attend some innovation workshops to test whether the concept you have come up with is the best solution. Perhaps, there is a more cost effective route to solving the problem but through a different approach. Maybe the problem can be solved with a product which includes far less manufacturing complexity?

 This can be a really useful exercise at the beginning of a project to observe if your idea is both practical and feasible. Are there any competitor products in the market place which have been manufactured in a similar way to yours, does this help to answer your concerns?  

 If you are still unsure about this, it is something we can pick up further down the line but having a good grasp of these challenges early on will certainly help.

5. Does you product idea have any direct competition?

Are there any other products on the market which operate in a similar way or attempt to solve the same problem?

If the answer is yes, this is a really good sign that there is a reason for your product to exist. If there are other products available which are aimed at similar user groups or target the same problem but in a different way this can be a really useful indicator that there is a need for your product.

Of course, there is a possibility that your product idea is a one off and one of a kind. However, your product should be there to solve a problem and if there isn’t a direct competitor product there may be several alternatives available or a set of products which used all together provide the same result. Answering these questions will help to provide further justification for your product to exist.

Perhaps there are no competitor products because it’s not something that people would want to use or would be willing to buy.  

These are really important questions and can sometimes be tricky to answer. However, the points above cover areas that you need to get right before you begin the product development process. Without setting these foundations you run the risk of wasting money and time. Follow these steps to de-risk your product proposal early and ensure the best chance for product success.